Insights

The rally in 2025 and throughout the longer bull market cycle has been uneven, with the largest of large-cap stocks dominating. Key charts illustrate this phenomenon, and we discuss how to factor this into portfolio strategies.

The two largest Asian equity markets have the potential to rally further. Within corporate bonds, quality credits should prevail.

European stocks look set to benefit from reflation, but heavier bond supply and tighter investor demand are likely to push yields higher.

Weakening labour markets could spur further Bank of England rate cuts and Gilt strength, even as the UK’s undervalued equity market offers opportunities.

Stock and bond market returns face high hurdles in 2026, but we think the former should be given the benefit of the doubt.

We recommend focusing on stocks with quality characteristics and would add more duration to government bond exposure.

After three consecutive years of strong gains for most equity markets, nothing historically rules out a fourth.

Key themes have the potential to shape economic developments and drive certain sectors for decades to come.

The White House has made broad interpretations of existing legislative authority to make unilateral policy moves. We examine how this centralized ad hoc decision-making raises structural concerns and how the economic policy framework may evolve.